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Approximating partial inverse moments for certain normal variates with an application to decaying inventories

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  • Steven Nahmias
  • Shan Shan Wang

Abstract

This paper considers the problem of computing E(X−n; X > t) when X is a normal variate having the property that the mean is substantially larger than the standard deviation. An approximation is developed which is determined from the mean, standard deviation, and the cumulative standard normal distribution. Computations comparing the approximate moments with the actual are reported for various values of the relevant parameters. These results are applied to the problem of computing the expected number of shortages in a lead‐time for a single product which exhibits continuous exponential decay.

Suggested Citation

  • Steven Nahmias & Shan Shan Wang, 1978. "Approximating partial inverse moments for certain normal variates with an application to decaying inventories," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 25(3), pages 405-413, September.
    • Handle: RePEc:wly:navlog:v:25:y:1978:i:3:p:405-413
    DOI: 10.1002/nav.3800250304
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